FXstreet.com (CÃ³rdoba) - Cable is losing part of earlier gains across the board. GBP/USD was rejected from levels above 1.6300 and weakened. Cable fall finding support at 1.6275 but currently the pair is testing levels below the mention zone, suggesting that it could fall more. The next support lies at 1.6235. GBP/USD current price at 1.6260/55 is the same the pair had at the beginning of the day.
Anna Coulling, analyst at Master and Master, affirms: The key for any deeper move is of course the 1.600 price handle and should this be broken in due course, then we may see a re-test of the 1.57 level as a result. The weekly chart also confirms this view with the shooting star candle sitting neatly above the recent price falls, and with last weeks closing price ending below both the 9 week and 14 week moving averages, this again is confirming our forex technical analysis for the pounds to dollars pair.